As part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly changing area, the Internal Revenue Service today issued two new pieces of guidance for taxpayers who engage in transactions involving virtual currency. Expanding on guidance from 2014, the IRS is issuing additional detailed guidance to help taxpayers [...]
WASHINGTON – Victims of Tropical Storm Imelda in parts of Texas, including the Houston area, have until Jan. 31, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) [...]
The earned income tax credit benefits working people with low-to-moderate income. Last year, the average credit was $2,445. EITC not only reduces the amount of tax someone owes, but may also give them a refund, even if they don’t owe any tax at all. Here are a few things people should know about this credit: Taxpayers [...]
Taxpayers with dependents may qualify to claim a few different tax credits. One of these is the child tax credit. The child tax credit benefits people whose dependent meets a series of tests. If the dependent doesn’t meet those qualifications, the taxpayer may be able to claim the credit for other dependents. Here’s some info [...]
Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses they paid in 2019 when they file their tax return in 2020. Educators who work [...]
All taxpayers have rights when they interact with the IRS. These ten rights are the Taxpayer Bill of Rights, and they cover a wide range of topics and issues that directly affect taxpayers. These rights explain what taxpayers can expect in the event they need to work with the IRS on a personal tax matter. [...]
Assembly Bill 91 modified the Earned Income Tax Credit, created the Young Child Tax Credit, disallowed a separate state election for certain qualified stock purchases, and selectively conformed, with modifications, to several federal Tax Cuts and Jobs Act provisions. In summary, AB 91: Modifies the Earned Income Tax Credit by increasing the maximum adjusted gross [...]
Through the years working in tax law, one of the biggest issues that arises for business owners is taxes. Many people that have a special trade who decide to go out on their own and be their own boss, find themselves hiring our firm due to owing back taxes or being audited. Many people have [...]
As the deadline approaches for filing personal tax returns for those who filed extensions for the 2018 tax year, we often have to remind individuals that although they can file an extension to file the returns by the October 15th deadline, it does not extend the time to pay the taxes. With all the changes [...]
The filing of a final return will not legally terminate a business and will not end its requirement to file and pay taxes. The entity is still required to submit the Certificate of Dissolution/Cancellation document to the California Secretary of State (SOS) to close/withdraw their business. If you filed a corporate or Limited Liability Company (LLC) [...]